Fave joins MAS to support interoperability across Singapore’s QR payments
By Gloria Mathias
Fave, a consumer FinTech platform in Southeast Asia and India, has announced its participation in the SGQR+ POC led by the Monetary Authority of Singapore (MAS).
The SGQR+ POC will be limited to Districts 16 and 17 of Singapore and showcased during the Singapore FinTech event.
The Singapore Quick Response Code (SGQR)1 was launched in 2018 as the unified QR code for digital payments in Singapore. The introduction of SGQR+ now aims to enhance interoperability in QR payments by letting merchants register with a single preferred merchant acquirer and accept a wide array of digital payments from customers who use any payment app that has enabled SGQR transactions.
Seamless cross-border interoperability delivered through SGQR+ will also ensure that merchants will be able to accept digital payments from overseas visitors.
There are two tracks under the SGQR+ POC; the Master Merchant Acquirer track by NETS Group and the Interoperable Switch track by Liquid Group. Fave is participating in the Interoperable Switch track by Liquid Group. Fave merchants such as Jollibee, Dian Xiao Er, Sushiro and more will be able to expand their QR payment acceptance to include participating payment apps.
Chen Chow Yeoh, Co-founder, Fave, said, “MAS has always supported the thriving FinTech ecosystem in Singapore with a series of proactive measures and innovative steps. Fave is thrilled to be part of their SGQR+ POC to advance the interoperability of QR payments in Singapore.”
Fave is part of the Pine Labs Group, a FinTech organisation providing a smart payment app for the next generation of consumers to pay and save. It also empowers offline businesses to grow and digitally connect with their customers in a whole new way.
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